Listed below are the account titles for hay secretarial services , each identified by a letter. Following the accounts is a list of the closing entries. Using the identifying letters , indicate the account(s) to be debited and credited in each closing entry. A. Cash in bank
B. Accounts receivable
C. Computer equipment
D. Accounts payable
E. Mariko Hays, capital
F. Mariko Hays, withdrawals
G. Income Summary
H. Fees
I. Miscellaneous expense
J. Rent expense
K. Supplies expense
L. Utilities expense

1. Record the closing entry for the revenue account.
Debit:
Credit:

2. Record the closing entry for the expense accounts.
Debit:
Credit

3. Record the closing entry for the income summary account (assume net income)
Debit:
Credit:

4. Record the closing entry for the withdrawals account.
Debit:
Credit:

Which of the following is an example of an unsought good? a. cameron purchases a new bike. b. jordan buys paper towels. c. taylor buys cupcakes from her favorite bakery. d. riley buys new windshield wipers for her car.

You plan to invest some money in a bank account. which of the following banks provides you with the highest effective rate of interest? hint: perhaps this problem requires some calculations. bank 1; 6.1% with annual compounding. bank 2; 6.0% with monthly compounding. bank 3; 6.0% with annual compounding. bank 4; 6.0% with quarterly compounding. bank 5; 6.0% with daily (365-day) compounding.

Fanning company is considering the addition of a new product to its cosmetics line. the company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. relevant information and budgeted annual income statements for each of the products follow. skin cream bath oil color gel budgeted sales in units (a) 110,000 190,000 70,000 expected sales price (b) $8 $4 $11 variable costs per unit (c) $2 $2 $7 income statements sales revenue (a × b) $880,000 $760,000 $770,000 variable costs (a × c) (220,000) (380,000) (490,000) contribution margin 660,000 380,000 280,000 fixed costs (432,000) (240,000) (76,000) net income $228,000 $140,000 $204,000 required: (a) determine the margin of safety as a percentage for each product. (b) prepare revised income statements for each product, assuming a 20 percent increase in the budgeted sales volume. (c) for each product, determine the percentage change in net income that results from the 20 percent increase in sales. (d) assuming that management is pessimistic and risk averse, which product should the company add to its cosmetics line? (e) assuming that management is optimistic and risk aggressive, which product should the company add to its cosmetics line?